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Volume manufacturing of bicycles is to return to Britain as Sanjeev Gupta, the tycoon who heads up Liberty House, returns to hit roots.

The industrialist plans to launch a range of bikes in the spring after buying the Trillion bicycle business early in 2016.

Mr Gupta, who has already purchased large parts of the troubled Tata steel and Caparo manufacturing businesses, sees the plan as part of his strategy of re-energising British manufacturing, as well as a return to his past.

“My first job was my gap year in 1990 was selling Victor bikes internationally which my father’s company made,” he said. “Because of my father’s business I was practically born with a bike in my hands - this is me coming...